Case 3. Shopee vs. Lazada - A Battle of Titans For E-Commerce Supremacy in South-East Asia - Case

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Case Study
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Shopee vs. Lazada:
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Source: Pingwest
10/2021-6705
This case study was written by David Dubois, Associate Professor of Marketing, and Rebecca Liu,
Research Associate, both at INSEAD. It is intended to be used as a basis for class discussion rather
than to illustrate either effective or ineffective handling of an administrative situation. The authors thank
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Javier Bonilla (MBA D2021), Weng Lum Lok and Annie Peshkam for their input in developing the case.
Extra teaching materials are available at https://publishing.insead.edu/case/shopee.
Copyright © 2021 INSEAD
COPIES MAY NOT BE MADE WITHOUT PERMISSION. NO PART OF THIS PUBLICATION MAY BE COPIED, STORED, TRANSMITTED, TRANSLATED,
REPRODUCED OR DISTRIBUTED IN ANY FORM OR MEDIUM WHATSOEVER WITHOUT THE PERMISSION OF THE COPYRIGHT OWNER.
This document is authorized for educator review use only by Anh Nguyen, Other (University not listed) until Jan 2024. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
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Introduction
Singapore, August 2021. Forrest Li, CEO and founder of Sea Group, was admiring the view from
the Shopee headquarters in Queenstown and thinking how it reflected the diversity that had
appealed to him when he had followed his wife to Singapore 15 years earlier. He could see the
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campuses of NUS and INSEAD close by, a flourishing tech ecosystem with neighbours such as
Block 71, and the food courts he frequented every day. It was a reminder of why his family had
chosen to settle in Singapore despite arriving with empty pockets and saddled with student debt.
The Chinese-born father of two remembered how his daughter, when asked what she missed
most about China, had replied: “Taobao” – referring to China’s leading online marketplace at the
time. He had promised to build a Singapore-based “Taobao” for her. Shopee, which Li launched
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in 2015, had exceeded that promise. By 2021, Shopee was the most visited online retailer in
Southeast Asia, averaging 281 million visits a month, way ahead of rival Lazada with 137 million
(see Exhibit 1). 1 The market cap of Shopee’s NYSE-listed parent company, Sea Group, reached
USD147 billion in June 2021, making it South-East Asia’s most valuable company. 2
But the summer in Singapore had not been easy. For the first time in a long while he was back at
his office following the latest lockdown imposed during the COVID-19 pandemic. Li was about to
start an important virtual meeting. Joining this meeting were CEO Chris Feng, COO Terence Pang,
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and the rest of the management team.
Sea Group was facing a pivotal year. Despite outpacing competitors such as Alibaba-backed
Lazada and Indonesia-based Tokopedia, it had yet to turn a profit. Revenues had more than
doubled from USD443 million in Q2 of 2020 to USD1.16 billion in Q2 of 2021, but operating losses
had risen 82% from USD345 million to USD628 million in the same period. 3 The meeting was to
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discuss the fallout from the Covid-19 pandemic and Shopee’s customer strategy going forward.
How could Shopee turn size into profits? Could the ‘secret sauce’ used to acquire customers and
become the region’s top-rated app now help to monetize the platform and foster customer loyalty?
Shopee had just launched Shopee Premium in South-East Asia, a new dimension of the app that
housed luxury brands like Sulwhasoo and Calvin Klein. 4 Abroad, it had established a small
presence in Brazil in 2019, and Li was eyeing the long-term potential of other Latin American
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markets. 5 But more pressing than geographical expansion were the next steps to keep Shopee’s
momentum growing.
The Global Rise of E-Commerce

Although online shopping had existed since 1979, when English innovator Michael Aldrich
invented teleshopping by hooking up domestic televisions to a transaction-processing computer
through a telephone line, modern e-commerce as we know it took off in the mid-90s. Books Stacks
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Unlimited, the first ever online retail bookstore, was created in 1992, at a time when the internet
1 See Exhibit 2: Most popular online retailers in SEA in 2020 by monthly visits (Statista)
2 https://fortune.com/2021/06/29/sea-ltd-southeast-asia-most-valuable-company-grab-goto-super-apps-garena-shopee-
video-games/
3 https://www.dealstreetasia.com/stories/sea-group-losses-widen-q2-256171/
4 https://www.lifestyleasia.com/sg/style/fashion/shopee-premium/
5 https://www.channelnewsasia.com/business/shopee-sea-group-brazil-latin-america-online-e-commerce-430916
Copyright © INSEAD 1
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was text-only and encryption was only available to the military. 6 The next three years would see
the invention of Secure Sockets Layer (SSL) and growing adoption of the World Wide Web. By
the time Amazon and eBay were created in 1995, technological innovation enabled rapid
expansion: within a month of operation, Amazon had shipped books to 45 countries. 7 EBay grew
from 250,000 auctions in all of 1996 to 200,000 auctions in January 1997 alone. 8
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Initially infatuated by the speed of first generation e-commerce players, the Nasdaq index rose
400% from 1995 to its peak in 2000, before plunging by 78% between 2001 and 2002 during the
dot-com crisis. 9 Of an estimated 7,000 to 10,000 online enterprises launched in the late 1990s,
few became profitable. According to one study, internet companies were spending $1,100 on
average to acquire a customer who would spend only $400 in return. 10 When the financing dried
up, they could no longer sustain operating costs and by 2003, 4,800 online enterprises had been
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sold or had gone bankrupt. 11
Those that survived the stock market crash – such as Amazon and eBay in the US, Rakuten in
Japan, and Alibaba in China, established local dominance and entered the top 10 global market
capitalizations. 12 They were joined by a second wave of e-players: Taobao, JD.com and
Pinduoduo in China, and MercadoLibre in Latin America. Few brick-and-mortar companies
launched successful e-commerce ventures, Walmart being a noticeable exception.
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Many online retailers began to explore alternative services to diversify their revenue streams –
both in B2C and B2B. Amazon created Amazon Prime, Kindle, and Amazon Web Services. Online
retailers in East Asia expanded into financial services. 13 China-based Alibaba Group launched
Alipay in 2003 to complement its e-commerce services. 14 Japan’s Rakuten grew its internet
banking services to account for 40% of revenue by 2016. 15 While companies that started off in
B2C retail (Amazon and Rakuten) began to expand into B2B e-commerce, others like Alibaba
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went the other way into B2C. By 2019, e-commerce accounted for 30% of global GDP – USD 26.7
trillion in revenue, with B2B e-commerce transactions accounting for 82% (Exhibit 2). 16
E-Commerce in South-East Asia

Although Amazon and eBay were available in South-East Asia from the 1990s, barriers to the rise
of B2C ‘native’ platforms included poor logistics infrastructure, low rates of computer ownership
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and internet access, and fear of online scams, particularly in Asia’s risk-averse cultures.
Acceptance of e-commerce in the region was limited. Consumers did not trust cashless forms of
payment. Few people owned a credit card and most preferred interactions with salespeople in
6 http://www.sbnonline.com/article/visionary-in-obscurity-charles-stack-operates-in-two-business-communities-151-
cleveland-and-the-internet-151-and-isn-146-t-well-known-in-either-this-time-around-that-146-s-going-to-change-he-
hopes/
7 https://www.history.com/this-day-in-history/amazon-opens-for-business
8 https://en.wikipedia.org/wiki/EBay
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9 https://en.wikipedia.org/wiki/Dot-com_bubble
10 Agrawal, Arjona, and Lemmens (2001), cited in https://www.tandfonline.com/doi/abs/10.1300/J179v01n02_07
11 https://ideas.ted.com/an-eye-opening-look-at-the-dot-com-bubble-of-2000-and-how-it-shapes-our-lives-today/
12 Statista: The 100 largest companies in the world by market capitalization in 2021
13 https://www.cnbc.com/2018/12/18/dotcom-bubble-amazon-stock-lost-more-than-90percent-long-term-investors-still-got-
rich.html
14 https://www.thestreet.com/world/history-of-alibaba-15145103
15 https://en.wikipedia.org/wiki/Rakuten
16 https://unctad.org/news/global-e-commerce-jumps-267-trillion-covid-19-boosts-online-sales
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brick-and-mortar stores. E-commerce was limited mainly to B2B transactions 17 and online buying
was often done via social media or online forums where people could interact with sellers, ask
questions, haggle, and pay cash-on-delivery – the same way they would with brick-and-mortar
sellers. 18
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The first big native platform emerged in Indonesia – the largest market in South-East Asia with
260 million customers. Local entrepreneurs William Tanuwijaya and Leontinus Alpha Edison
launched Tokopedia in 2009 with the aim of “democratizing e-commerce in Indonesia”, seeing
ecommerce as a solution to the inequalities in access to products between rural and urban areas
. 19 Tokopedia also aimed to tackle a key pain point: the high proportion of scams in online forums
where the majority of buying took place. 20 It overhauled the sales process, e.g., releasing payment
to sellers upon reception of the product, built a review system to help buyers find trustworthy
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sellers, and facilitated access to services for small businesses by connecting them with banks that
offered logistic facilities and facilitated instant payment. 21
In 2021, Tokopedia was the most visited e-commerce platform in Indonesia, with an average of
135 million visits per month. 22 In an interview with Channel News Asia in 2018, Tanuwijaya said
there were no plans to expand outside Indonesia in the near future; they would focus on
underserved markets in Indonesia and rely on revenues rather than investor funding for
expansion. 23 The door was left open to regionally-focused competitors.
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In 2012, Lazada was launched with the goal to become South-East Asia’s leading e-commerce
platform. Backed by Rocket Internet, it prioritized the logistics network (to improve the existing
infrastructure and shipments) and allowed payment methods such as cash-on-delivery and bank
transfers. With a logistics network spanning more than a 100 delivery partners, 12 fulfilment
centres, 92 distribution centres, and 5,000 vehicles serving last-mile delivery, by 2016 Lazada was
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South-East Asia’s leading e-commerce platform, with USD1.3 billion in gross merchandise value
across Singapore, Malaysia, Thailand, the Philippines, Indonesia and Vietnam. 24
Alibaba Group bought a controlling stake (51%) in Lazada in 2016 for USD500 million, raising its
stake to 83% in 2017 (USD1 billion). Pouring another $2 billion into Lazada in 2018, Alibaba’s
growing involvement became a source of internal turbulence. The founding CEO Maximilian
Bittner was replaced by Alibaba co-founder Peng Lei in 2018. She handed the reins to Pierre
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Poignant in December 2018 only nine months into her tenure. Two years later, Lazada Group
president Li Chun took over in July 2020, the third change in three years. 25
Alibaba also began to appoint Chinese employees to middle management, many of whom were
not fluent in English, adding a language barrier. Prominent members of Lazada, such as co-
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17 https://pidswebs.pids.gov.ph/ris/dps/pidsdps0038.pdf
18 https://media.bain.com/Images/BAIN_BRIEF_Can_Southeast_Asia_Live_Up_to_Ecommerce_potential.pdf
19 https://www.youtube.com/watch?v=qIopXWkQTvU
20 https://e27.co/tokopedia-co-founder-always-find-new-problems-solve-20160801/
21 https://cedcommerce.com/blog/largest-ecommerce-marketplace-indonesia-tokopedia/
22 Statista: E-commerce in Indonesia dossier
23 https://www.youtube.com/watch?v=m-ZVBpFDUlY&t=214s
24 https://www.zdnet.com/article/lazada-quietly-confident-amid-rumoured-amazon-southeast-asia-entry/
25 https://www.reuters.com/article/us-lazada-ceo-idUSKBN23X0IG
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founder Charles Debonneuil and chief marketing officer Tristan de Belloy left the company and
were followed by others, many of whom would eventually join Shopee. 26
Shopee’s Rise to Prominence
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Born in Huai’an, a city in the Chinese province of Jiangsu, Chris Feng joined Rocket Internet in
January 2012 and was on the founding team of Lazada South-East Asia, helping establish
ventures such as Zalora and Lazada. He was regional managing director of Zalora from January
2012 to August 2013, then Chief Purchasing Officer at Lazada. In early 2014, he left Lazada to
join Garena Online, Sea Group’s gaming arm. 27 Other executives who defected from Rocket
Internet included Terence Pang, who served as Zalora’s Managing Director from 2012 to 2014
before becoming COO of Shopee. 28
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At the time of Shopee’s launch, smartphone ownership had overtaken computer ownership, with
Southeast Asians predominantly relying on mobile rather than desktop access to the internet
(Exhibits 3 and 4) and spending an increasing amount of time on social media. 29 One study found
that young South-East Asians spent a quarter of their waking hours on social media. 30
Taking a “social-first, mobile-centric approach”, Shopee initially launched an app focusing on
optimizing the mobile user experience (Exhibit 5) with a Live Chat function, Shopee Live, a
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livestreaming function, and Shopee Feed – providing an experience reminiscent of social media
platforms like Instagram. These functions enabled sellers and buyers to post, ‘like’ and interact
through comments or chat, and to cultivate a following. To teach people how to sell online, Shopee
launched Shopee University in 2016, with workshops conducted in multiple countries, showing
local entrepreneurs how to navigate the user interface and manage their shops. 31
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Customer Segmentation & Positioning

Shopee and Lazada competed in four areas: electronics, fast-moving consumer goods, lifestyle,
and fashion. Following Alibaba’s acquisition of Lazada, Peng’s strategy focused on upgrading its
offerings and introducing more high-street brands, echoing Alibaba’s attempts to reposition
Taobao as a premium marketplace back home. 32 With Lazada having the lion’s share of
electronics and high-end fashion offerings, Shopee targeted areas with more brands and many
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sellers, such as low-value fashion and lifestyle goods, eventually expanding into fast-moving
consumer goods and low-value electronic accessories like cables.
To attract sellers and keep prices low, Shopee adopted a different revenue model. 33 While Lazada
charged a commission fee of 1% to 7% until 2018, 34 Shopee did not charge commission until 2017
with the launch of Shopee Mall, an upgraded marketplace with additional services and a dedicated
space for brands to sell directly to customers. Commissions on Shopee Mall ranged from 3% to
26 https://kr-asia.com/heres-how-lazada-lost-its-lead-to-shopee-in-southeast-asia-part-1-of-2 and
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https://asiatimes.com/2021/04/how-lazada-lost-out-in-se-asias-e-commerce-race/
27 https://www.sea.com/aboutus/leadership/management/ChrisFeng
28 https://www.linkedin.com/in/terence-pang-64a95914/?originalSubdomain=sg
29 https://www.warc.com/newsandopinion/news/asia-has-huge-lead-in-social-media-use/36188
30 https://datareportal.com/reports/digital-youth-in-south-east-asia-2021
31 https://en.wikipedia.org/wiki/Shopee
32 https://techwireasia.com/2021/04/did-lazada-lose-out-to-shopee-in-seas-e-commerce-race/
33 https://en.wikipedia.org/wiki/Shopee
34 https://kr-asia.com/alibabas-lazada-removes-commission-fee-in-spore-to-boost-transaction
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5%, but the no-commission policy for Shopee Marketplace remained until June 2021, when it
introduced a new fee policy whereby non-preferred sellers paid 1% and preferred sellers 2%, the
fee being waived until they reached 100 orders (mostly very small stores). Shopee also charged
a cost-per-click (CPC) advertising rate for greater visibility on the app and fees for other value-
added services. The absence of commission fees attracted more sellers to sell at cheaper prices
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on its app.
Following in Lazada’s footsteps, Shopee also began to absorb shipping costs to further lower the
cost of products and attract more sellers. To shorten delivery time in Southeast Asia, where
express delivery was expensive, it initially poured capital into developing its own logistics network
and launched its own in-house logistics arm called Shopee Express in the second half of 2020 to
reduce its reliance on third-party logistic partners. In the meantime, it continued to pour capital into
subsidizing express shipping by selected local and reliable third-party logistic partners – at
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significantly lower cost. For example, it cost SGD5.48 to SGD16.28 to ship an item through third
parties on Lazada Singapore, 35 but only SGD2.90 to SGD11 on Shopee Singapore. 36
By offering merchants free or cheaper shipping and faster delivery, buyers were incentivized to
use Shopee even if the seller advertised the same goods on other platforms. While shipping
subsidies at Lazada were suspended in 2018 by Alibaba, Shopee’s annual losses doubled to
USD961 million from shipping subsidies. But the strategy paid off, with an impressive 2.5 times
year-on-year growth in gross merchandise value, reaching USD10.3 billion. 37
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After achieving dominance in low-value goods, Shopee expanded into higher value goods. The
launch of Shopee Mall in 2017 allowed leading brands in fashion and electronics like L’Oreal,
Huawei and 3M to sell products on its platform. 38 By the end of 2020 it had launched Shopee
Premium, adding higher-end brands like Calvin Klein, Laneige, and Sulwhasoo. 39 Shopee
leveraged customer data to build better profiles with which to target customers, inform
personalization and the recommender system, which they used to push relevant products through
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Shopee’s Feed and Daily Discover features. 40
Advertising & Promotions

Before Shopee’s entry, Lazada had popularized 11.11 sales – originally started in 2009 by Alibaba
in China (on November 11th) – creating its own mega sales day, 12.12, in Indonesia. 41 While
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Lazada focused on a very few big sales events a year, Shopee launched more frequent, targeted
monthly sales events. Shopee also created its own mega sales day, 9.9, in 2016, while publicizing
its first 10.10 sales, and eventually sales events on identical-number days in every month. This
helped to attract new buyers and generate traffic, eventually spurring competitors to follow suit.
Lazada held 9.9 sales for the first time in 2018. 42
This strategy combined with the onset of lockdown restrictions during the COVID-19 pandemic
convinced hesitant Southeast Asian consumers to try out online shopping. In 2020, a survey of
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35 See full list of shipping fees for Lazada here: https://sellercenter.lazada.sg/seller/helpcenter/shipping-fee-rate-card-

4581.html?spm=a2a11.helpcenter-psc-search.article.1.33aa1943MdFFRl
36 See full list of shipping fees for Shopee here: https://seller.shopee.sg/edu/article/1104
37 https://kr-asia.com/heres-how-lazada-lost-its-lead-to-shopee-in-southeast-asia-part-2-of-2
38 https://retailinasia.com/in-tech/shopee-scales-up-b2c-efforts-with-launch-of-shopee-mall/
39 https://www.lifestyleasia.com/sg/style/fashion/shopee-premium/
40 https://www.techinasia.com/heres-shopee-developing-generation-data-science-ai-talent
41 https://www.asiaone.com/business/forget-about-1111-seize-your-last-chance-shop-1212-final-sale
42 https://www.jtexpress.sg/insights/the-biggest-sale-events-across-southeast-asia
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4,000 Southeast Asians found that 82% of respondents had purchased goods during identical-
day sales, of which 42% were first-time online shoppers. 43
Shopee took a local approach to advertise mega sales days, using popular celebrities as brand
ambassadors, such as footballer Cristiano Ronaldo (Exhibit 6), and Blackpink, a Korean girl group
with a large following in Southeast Asia (Exhibit 7). Local ambassadors included Bambam, a Thai
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member of a Korean boyband, Filipino boxer Manny Pacquiao, and Slank, Indonesia’s biggest
rock band. 44 They featured in online ads promoting mega sales days and participated in live events
such as concerts and fan-meets organized by Shopee on mega sales days (Exhibit 7). They also
hosted interactive live trivia gameshows on the app in a feature known as Shopee Quiz, which
along with Shopee Games allowed players to earn Shopee Coins to redeem discounts, attracting
more traffic to the app.
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Shopee’s ad efforts created a distinctive brand personality – “Simple, Happy, Together” – while
remaining local in each of its markets. In Singapore, for example, Shopee asked actor Gurmit
Singh to reprise his role as Phua Chu Kang for its advertising (a character from a Singaporean
comedy sitcom known to Singaporeans of all ages). Catchphrases such as “Don’t play play” and
“Use your brain” were included in a catchy jingle for Singapore ads. 45 Its 2019 ad featuring
Cristiano Ronaldo dancing to a remix of ‘Baby Shark’ went viral, helping Shopee to triple its orders
for its 9.9 event from the previous year. 46
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Lazada’s early advertising focused on building product awareness and capitalizing on ease of use
and convenience, with the tagline “Effortless shopping”. After the Alibaba acquisition, there was a
rebranding effort in 2019 with a new campaign (Exhibit 8) that featured the stories of three
individuals who chose to “be anything but vanilla”, with an updated heart-shaped logo and tagline
“Go Where Your Heart Beats” (Exhibit 9).
It marked the beginning of a move into “shoppertainment”. 47 Lazada’s ad campaigns were
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replicated across all six of its markets with little variation, using globally recognized artists such as
Katy Perry and Dua Lipa, and South Korean superstars such as Lee Minho and NCT. 48
Future Steps
Back at Shopee’s Queenstown headquarters, Li thought back to the promise he had made to his
daughter and how it had inspired him to take Shopee to greater heights in just six years:
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• It had overtaken Lazada to become the most visited e-commerce site in Southeast Asia,
with more than 281 million monthly visits in 2021
• Driven by Shopee’s success, Sea Group had reached a valuation of 147 billion, becoming
Southeast Asia’s most highly valued company
What accounted for Shopee’s growth and how could it continue its success? What avenues could
Shopee explore to better monetize its rapidly growing traffic? Should future expansion aim to
deepen its category offerings with existing customers or target new ones beyond South-East Asia?
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43 https://www.bloomberg.com/news/articles/2021-06-23/monthly-bargain-days-boost-southeast-asia-s-online-spending
44 https://en.wikipedia.org/wiki/Shopee#Brand_ambassadors
45 https://www.warc.com/newsandopinion/opinion/shopees-agatha-soh-on-why-the-future-of-e-commerce-is-localised/3877
46 https://www.insider.com/cristiano-ronaldo-baby-shark-advertisement-helped-shopee-triple-sales-2019-11
47 https://www.marketing-interactive.com/global-alliance-for-responsible-media-sees-16-advertisers-committing-to-digital-
safety
48 https://thelowdown.momentum.asia/9-9-campaign-shopee-chose-jackie-chan-lazada-chose-hyun-bin/
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Could Shopee’s success be leveraged in Sea Group’s other ventures in gaming and financial
services, and if so, how?
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Exhibit 1
Most popular online retailers in SEA in 2020, by monthly visits
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Source: Statista
Exhibit 2
Most popular online retailers globally in 2020, by monthly visitors
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No
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Source: Statista
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Exhibit 3
Smartphone and computer penetration rates in SEA
100%
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90%
80%
Share of population
70% 77% 79% 80%

73% 75%
60% 69%
65%
50% 58%
40% 49%
42%
30%
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33%
29% 30% 30% 31% 32% 32%
20% 25%25% 25% 26% 27% 28%
22%
10% 15% 19% 20%
9% 13% 19%
5% 17%
0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Computer penetration Smartphone penetration
Source: Statista
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Exhibit 4
Mobile internet penetration in SEA (with forecast from 2022 – 2025)
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No
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Source: Statista
Exhibit 5
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Shopee search (left), feed (middle) and seller profiles (right)
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Lazada search (left), feed (middle) and seller profiles (right)
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Source: Author (pictures taken in September 2021)
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Exhibit 6
Cristiano Ronaldo dancing in Shopee’s 9.9 Super Shopping Day advertisement
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excerpt from https://www.youtube.com/watch?v=2EMLSRA57JM
Exhibit 7
Blackpink at Shopee’s Road to 12.12 Birthday Sales show
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Source: YouTube
Exhibit 8
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Lazada company logo before (top) and after (bottom) rebranding in 2019
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Source: Lazada’s old logo
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Source: Lazada’s new logo
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Exhibit 9
Lazada’s ‘Go Where Your Heart Beats’ ad campaign
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Source: Lazada’s ads

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IN1797

The Global Rise of E-Commerce

E-Commerce in South-East Asia

Shopee’s Rise to Prominence

Customer Segmentation & Positioning

Shopee’s Feed and Daily Discover features. 40

Advertising & Promotions

35 See full list of shipping fees for Lazada here: https://sellercenter.lazada.sg/seller/helpcenter/shipping-fee-rate-card-

70% 77% 79% 80%

Computer penetration Smartphone penetration

Source: Author (pictures taken in September 2021)

Source: Lazada’s ads

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